Barclays has launched two new mortgages aimed at first-time buyers looking to get onto the property ladder.
The lender has introduced a three-year fixed-rate deal at 4.75 per cent and a five-year product that carries an interest rate of 4.95 per cent.
Managing director of mortgages at the firm Andy Gray said the offerings, which will be available under the NewBuy scheme, “are particularly designed to help first-time buyers.
“We are continuing to look for ways in which we can boost the UK mortgage market, giving homebuyers access to even better mortgage deals,” he added.
Both of the mortgages carry a £499 product fee and are available for up to 95 per cent loan-to-value (LTV).
In addition to the new offerings, which are available from today (March 14th), Barclays is also cutting the rate on its four-year fixed rate deal for up to 90 per cent LTV from 6.19 per cent to 5.99 per cent.
The move comes just over a year after it first introduced mortgages under the NewBuy scheme, which aims to encourage lending to buyers to new-build homes through a partnership between housebuilders and the government, which have committed to cover a limited amount of any future losses on the properties.